The office of the Cook Islands National Superannuation Fund is pleased to submit to members the CINSF Annual Report and Financial Accounts for the year ending December 2016.
In summary the Funds total net assets have grown by $14.4m from $108.4m in 2015 to $122.8m in 2016. Member’s contributions increased by $1m from $11m in 2015 to $12m in 2016. Benefit Payments were $3.89m, up from $1.45m in 2015, which included $1.78m set aside for payments to migrant workers who had previously had their employer contributions forfeited to the Fund in accordance with the Act. The Funds expenses increased by $0.2m with that increase due to a move of premises to the ANZ Building, the appointment of a new Financial Accountant and front line Client Services Officer, and an investment education program for Board Directors. 922 new members joined the Fund bringing total membership to 9368 at the end of 2016, and pensioners also increased to 155 at the end of 2016.
Individual statements are now being prepared for delivery to members, and we would like to encourage all our members to review their account statements, the investment option they are currently in, and their risk appetite to ensure they are investing their money in the Fund most suitable to them.
Please click on the file to download and view: